Is this the right time to be purchasing a used electric vehicle
Now, if you are really looking for an electric vehicle and worried about losing money on it after a few years, then look at a used electric vehicle. This can be a smart, cost-effective decision, especially given the steep depreciation of new EVs in their first few years.
However, it comes with a distinct set of considerations compared to buying a used petrol or diesel fed vehicle.
The most critical factor is the health of the battery, which affects the car’s range and long-term value. This can be checked easily as nearly 90 percent of used electric vehicles on sale today still have a factory warranty and you can get the dealership to check the battery health for you.
Advantages of buying a used EV
Due to rapid depreciation coming from heavy discounting in Malaysia within a year if launch, many used EVs are significantly cheaper than their new counterparts. Some earlier models, like the first-generation BYD Atto 3 and MG4, can be found for surprising prices.
EVs have fewer moving parts than petrol-powered cars, meaning no oil changes, spark plug replacements, or complex transmissions to maintain. This typically leads to lower regular service costs.
The batteries in most modern EVs (last 3-4 years) are designed to last for many years and are covered by long warranties which are typically 8 years or 150,000 kilometres. Some brands, like Hyundai, Kia, BYD and Chery, offer even longer factory warranty coverage. Please DO NOT look at used EV’s from grey market (used AP Import) importers as you get No Software updated and after sales.
EVs offer a smooth, quiet ride with instant acceleration, which many drivers find more enjoyable than traditional cars and this has became a selling point in recent months. You can save money on powering your EV by charging the battery at home (assuming you have a home charger at your landed house or condominium).
Disadvantages of buying a used EV
All EV batteries lose some capacity over time, which reduces the vehicle’s maximum range. Older EVs, especially those from before 2016 like the BMW i3, Tesla Model S, Nissan Leaf and Renault Zoe, can experience significant degradation that makes them unsuitable for anything but short daily trips.
While routine maintenance is cheaper, a major, out-of-warranty repair or part replacement, particularly a battery replacement, can be extremely expensive and could potentially exceed the vehicle’s value (early Tesla battery replacement can be as high as RM80k but there are 8 year old Tesla’s still running around with no issue and 85% battery health).
Some older EVs use now-outdated charging ports, like the CHAdeMO standard used on early Nissan Leaf models. This can make finding compatible public chargers difficult. Charging speeds are also much slower on older models.
Early EV models may lack modern features like Apple CarPlay and Android Auto and may have smaller or less user-friendly infotainment systems compared to today’s EVs.
For models with less-sophisticated battery management systems, a buyer might not know the vehicle’s charging history. Frequent DC fast charging can accelerate battery degradation.
What to check before buying a used EV
Since the battery is the most valuable and sensitive component of a used EV, it requires special attention. State of Health (SoH) report or an official battery health report from the dealer is a must.
Third-party apps and OBD-II scanners can also be used to read battery health data, such as battery capacity and charge cycles.
Fully charge the used EV in question and compare the indicated range on the dashboard to the original factory-rated driving range when the car was new. A significant drop indicates battery degradation (up to 85% is still very good).
Ask the owner about their typical charging habits. Vehicles charged primarily at home using slower AC charging generally have healthier batteries than those relying heavily on public DC fast chargers.
Confirm if the battery warranty is still active and transferable to the new owner. Most modern EVs have an 8-year or 150,000 kilometre battery warranty that covers capacity loss below a certain percentage (often 70%).
Ensure all original charging cables and adapters are included and in good condition. Replacements can be expensive. You also must inspect the charging port for any signs of damage or wear.
Due to the added weight of the battery, EVs can wear out tires and suspension components more quickly. Check the tire tread depth and listen for unusual noises (which is easy as EV’s run very quiet) during a test drive.
Check the vehicle’s service history (will still be under warranty so easy to confirm this) to confirm that all manufacturer-recommended software updates and recall fixes have been performed.
Get a vehicle history report to identify any accidents, flood damage, or warranty issues.
Popular used EVs in Malaysia
BYD Atto 3: A popular and affordable SUV with decent range. Recent used examples, including ex-demo units, can be found for prices as low as RM75,000.
MINI Cooper SE: Very trendy and fun to drive but driving range is not the best at less than 250km or so. Prices start from RM85,000 in the used market.
Tesla Model 3: Still looks good after 5 years and will have good battery life but because its a private AP import there is no official backup support and this is why price at RM80,000 or lower.
BYD Dolphin: A budget-friendly option, with some used models available for less than RM70,000.
Tesla Model 3: Considered a top pick for its range and Supercharger network access. Later,
Chinese-made models are often regarded as having better build quality.
Nissan Leaf: An entry-level EV, but buyers should be aware of potentially significant battery degradation in older, first-generation models. Second generation Leaf used units for RM55,000 or less.
Hyundai IONIQ 5 LITE Electric: This well designed and large SUV offers practical space and strong range, with used prices hovering near RM100,000 only.
